"Luxury Home Index"
Wall Street Journal (09/04/98) P. W10

This week, Claritas and First American RES released the results of the Luxury Home Index, a report that reflects price adjustments among the nation's most exclusive residences. According to the index, upscale residences in the metropolitan area of Atlanta, valued in excess of $150,000, have increased in price an average of 21 percent since 1990. In Orlando, luxury homes worth $125,000 or more, were similarly boosted 22 percent in price. Both Tampa and Miami saw greater gains among their high-end properties, reporting a rise of 24 percent and 27 percent, respectively. However, Raleigh, N.C., luxury homes have risen 42 percent in price since 1990. Throughout the rest of the U.S., upscale homes in Salt Lake City, Utah recorded the most significant gains, as prices for the most exclusive residences increased 121 percent. High-end homes in Seattle and Denver also went up in price, by 70 percent and 79 percent, respectively.

"178 Homes Planned for 24-Acre Evans Farm"
Washington Post (09/04/98) P. B3; Pae, Peter

Developers of the Evans Farm in McLean, Va., say they plan to turn the local landmark into a community of 178 homes. The West Group has submitted a $20 million purchase offer as well as a detailed zoning application to Fairfax County planners. Meanwhile, residents of McLean who have been trying to raise funds to purchase the property themselves are being told it would cost them as much as $30 million. This will likely make the cost too high for residents, who would have to pay an additional $100 to $200 a year in property taxes to afford the purchase. Local homeowners have been trying to preserve the popular farm and its animal wildlife. Residents argue the proposed development will include 30 more homes than it was originally supposed to have, and they also believe the West Group is inflating the price to discourage them from buying the property.

"HUD Widens Big-City Home-Buying Incentives for Police"
Los Angeles Times--Washington Edition (09/04/98) P. A6; Jackson, Robert L.

The Department of Housing and Urban Development and Vice President Al Gore are planning to expand the Officer Next Door program, which offers discounts to police officers who purchase home in economically distressed areas. Under the program, police officers can purchase foreclosed properties that have been purchased by the Federal Housing Administration. They can buy these homes at a 50 percent discount and can also save money on closing costs, as long as they agree to live in the home for three years. So far, 2,000 law enforcement officers nationally have participated in the program, but there is room for improvement. In Los Angeles, 83 percent of the Police Department live outside of the city. In announcing the program's expansion, Gore named 500 "revitalization areas'" as being eligible for the program. He stated, "The presence of officers in an area can plant the seeds of revitalization that can transform struggling communities into thriving neighborhoods."

"The Top 10..."
Wall Street Journal (09/04/98) P. W10

Survey Sampling Inc. of Fairfield, Conn., recently studied 100 major metropolitan areas in order to identify which cities had the highest incidences of unlisted residential phone numbers. California cities dominated the poll, securing the first 10 spots. Sacramento was found to have the largest number of residential customers with unlisted numbers, followed by Oakland and Fresno. Other California cities making the top 10 included: California/Long Beach, fourth; San Jose, sixth; Bakersfield, ninth; and San Francisco, tenth.

"Vacation Homes: Diving Into a Growing Market"
Washington Times (09/04/98) P. F2; Carr, M. Anthony

ResidenSea Ltd. estimates that there are currently 450,000 households in the United States that boast net worths of at least $5 million. A whopping 25 percent of these "superaffluent" Americans own three or more homes for personal use. However, a surprisingly high 35 percent own just one home. Those Realtors marketing high-priced vacation homes should target these wealthy consumers who may be looking to add another residence to their holdings for pleasure, escape, or for other reasons. In fact, one of the main driving forces in the 1998 real estate market has been the consistent number of second-home sales. Coldwell Banker Real Estate Group Corp. President and CEO Alex Perriello reports, "Our research indicates that consumers are interested in a better quality of life, which includes owning a second home. ... Baby boomers have the strongest buying potential and their high incomes are driving home sales and real estate prices." Most vacation homes are located in scenic surroundings, near beaches, lakes, or mountains.

"HomeLife Inc., Newport Beach, Calif., Has Established ..."
Real Estate Finance Today (08/17/98) Vol. 15, No. 17; P. 16

HomeLife Inc., a real estate company based in Newport Beach, Calif., has established a strategic alliance with Mortgage Capital Resource Corp. Under the agreement, MCR will use its $200 million funding access to provide loans to HomeLife and its affiliates. The move is part of HomeLife's effort to develop one-stop shopping for home buyers, according to Andrew Cimerman, chairman and CEO of HomeLife.

"Computers Save Fuel and Water at Co-ops and Condos"
Real Estate Weekly (08/19/98) P. 31; Jabbour, Elie

While new boilers and thermal windows may be energy-efficient measures that lessen short-term costs for condominium-residents, the installation of fuel computers are typically more cost-effective over an extended period. These computerized control and monitoring devices have been known to reduce water/sewer bills and fuel costs by as much as 30 percent in some cases. Linked via phone lines to computers at a management agent's office, fuel computers are also capable of quickly identifying leaks, mixing valve problems, and fluctuations in hot-water-coil temperatures before too much waste has occurred. Following the installation of fuel computers, condo managers are also provided access to computer suppliers for personalized support.

"On-Line Lending: E-Mortgages Put More Loan Choices in Buyer's Hands"
Today's REALTOR (08/98) Vol. 21, No. 9; P. 34; Geffner, Marcie

Mortgage industry observers say that the Internet will play a larger role in the business of home loans in the years to come. Killen & Associates is just one of the market researchers projecting considerable growth in the use of the technology in just a few years. The Palo Alto, Calif.-based consulting firm expects the Internet to account for 30 percent of all mortgage originations by 2005. Perceived savings may be one way to get more consumers to do business on the Internet. E-Loan (www.eloan.com) and HomeShark (www.homeshark.com) are two of the most frequented mortgage sites on the Internet, and they offer consumers loans at three-eighths of a point, or 37.5 basis points. Meanwhile, Intuit's QuickenMortgage (www.quickenmortgage.com), another popular site, offers consumers loans at 40 basis points, and a rebate for $225 on closing costs. "It's an incentive for consumers, and we know they're saving the lenders money by doing their own application," explains Alison Berkley, senior product manager for the QuickenMortgage Web site. "We want consumers to benefit from the savings."

Published: September 4, 1998

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